FED minus RBI (USD/INR)
• Coverage: 1954–2026
Federal Reserve vs. India RBI Repo Rate Differential (1954–2026)
Historical policy rate spread between the Federal Reserve (FED Policy Rate) and the Reserve Bank of India (RBI Policy Rate). As of Sep 2026, FED stands at 3.88% vs. RBI at 5.25%, resulting in a bilateral policy rate differential of -137 bps (-1.37 percentage points).
Current Spread (Sep 2026)
-137 bps
FED: 3.88% · RBI: 5.25%
Mean Spread (1954–2026)
-280 bps
73 overlapping years
Widest Positive Spread (1980)
+1300 bps
Maximum FED premium over RBI Lowest / Negative Spread (1992)
-900 bps
Minimum FED minus RBI differential
FED (Blue) vs. RBI (Amber) Policy Rates (1954–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (FED minus RBI, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Federal Reserve · Amber: Reserve Bank of India
Annual FED vs. RBI Policy Rate Differential Ledger (1954–2026)
| Year | FED Policy Rate | RBI Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.88% | 5.25% | -1.37 pp | -137 bps |
| 2025 | 3.62% | 5.25% | -1.63 pp | -163 bps |
| 2024 | 4.38% | 6.50% | -2.12 pp | -212 bps |
| 2023 | 5.38% | 6.50% | -1.12 pp | -112 bps |
| 2022 | 4.38% | 6.25% | -1.87 pp | -187 bps |
| 2021 | 0.12% | 4.00% | -3.88 pp | -388 bps |
| 2020 | 0.12% | 4.00% | -3.88 pp | -388 bps |
| 2019 | 1.62% | 5.15% | -3.53 pp | -353 bps |
| 2018 | 2.38% | 6.50% | -4.12 pp | -412 bps |
| 2017 | 1.38% | 6.00% | -4.62 pp | -462 bps |
| 2016 | 0.62% | 6.25% | -5.63 pp | -563 bps |
| 2015 | 0.38% | 6.75% | -6.37 pp | -637 bps |
| 2014 | 0.12% | 8.00% | -7.88 pp | -788 bps |
| 2013 | 0.12% | 7.75% | -7.63 pp | -763 bps |
| 2012 | 0.12% | 8.00% | -7.88 pp | -788 bps |
| 2011 | 0.12% | 8.50% | -8.38 pp | -838 bps |
| 2010 | 0.12% | 6.25% | -6.13 pp | -613 bps |
| 2009 | 0.12% | 4.75% | -4.63 pp | -463 bps |
| 2008 | 0.12% | 6.50% | -6.38 pp | -638 bps |
| 2007 | 4.25% | 7.75% | -3.50 pp | -350 bps |
| 2006 | 5.25% | 7.25% | -2.00 pp | -200 bps |
| 2005 | 4.25% | 6.25% | -2.00 pp | -200 bps |
| 2004 | 2.25% | 6.00% | -3.75 pp | -375 bps |
| 2003 | 1.00% | 7.00% | -6.00 pp | -600 bps |
| 2002 | 1.25% | 7.50% | -6.25 pp | -625 bps |
| 2001 | 1.75% | 8.50% | -6.75 pp | -675 bps |
| 2000 | 6.50% | 8.00% | -1.50 pp | -150 bps |
| 1999 | 5.50% | 8.00% | -2.50 pp | -250 bps |
| 1998 | 4.75% | 9.00% | -4.25 pp | -425 bps |
| 1997 | 5.50% | 9.00% | -3.50 pp | -350 bps |
| 1996 | 5.25% | 12.00% | -6.75 pp | -675 bps |
| 1995 | 5.50% | 12.00% | -6.50 pp | -650 bps |
| 1994 | 5.50% | 12.00% | -6.50 pp | -650 bps |
| 1993 | 3.00% | 12.00% | -9.00 pp | -900 bps |
| 1992 | 3.00% | 12.00% | -9.00 pp | -900 bps |
| 1991 | 4.00% | 12.00% | -8.00 pp | -800 bps |
| 1990 | 7.00% | 10.00% | -3.00 pp | -300 bps |
| 1989 | 8.25% | 10.00% | -1.75 pp | -175 bps |
| 1988 | 8.69% | 10.00% | -1.31 pp | -131 bps |
| 1987 | 6.81% | 10.00% | -3.19 pp | -319 bps |
| 1986 | 5.88% | 10.00% | -4.12 pp | -412 bps |
| 1985 | 7.75% | 10.00% | -2.25 pp | -225 bps |
| 1984 | 8.74% | 10.00% | -1.26 pp | -126 bps |
| 1983 | 9.92% | 10.00% | -0.08 pp | -8 bps |
| 1982 | 11.20% | 10.00% | +1.20 pp | +120 bps |
| 1981 | 13.13% | 10.00% | +3.13 pp | +313 bps |
| 1980 | 22.00% | 9.00% | +13.00 pp | +1300 bps |
| 1979 | 14.77% | 9.00% | +5.77 pp | +577 bps |
| 1978 | 10.84% | 9.00% | +1.84 pp | +184 bps |
| 1977 | 6.53% | 9.00% | -2.47 pp | -247 bps |
| 1976 | 4.17% | 9.00% | -4.83 pp | -483 bps |
| 1975 | 5.37% | 9.00% | -3.63 pp | -363 bps |
| 1974 | 3.87% | 9.00% | -5.13 pp | -513 bps |
| 1973 | 9.83% | 7.00% | +2.83 pp | +283 bps |
| 1972 | 5.50% | 6.00% | -0.50 pp | -50 bps |
| 1971 | 3.00% | 6.00% | -3.00 pp | -300 bps |
| 1970 | 3.00% | 5.00% | -2.00 pp | -200 bps |
| 1969 | 5.00% | 5.00% | 0.00 pp | 0 bps |
| 1968 | 4.00% | 5.00% | -1.00 pp | -100 bps |
| 1967 | 4.50% | 6.00% | -1.50 pp | -150 bps |
| 1966 | 5.00% | 6.00% | -1.00 pp | -100 bps |
| 1965 | 4.63% | 6.00% | -1.37 pp | -137 bps |
| 1964 | 4.00% | 5.00% | -1.00 pp | -100 bps |
| 1963 | 3.25% | 4.50% | -1.25 pp | -125 bps |
| 1962 | 3.00% | 4.00% | -1.00 pp | -100 bps |
| 1961 | 2.50% | 4.00% | -1.50 pp | -150 bps |
| 1960 | 3.00% | 4.00% | -1.00 pp | -100 bps |
| 1959 | 4.00% | 4.00% | 0.00 pp | 0 bps |
| 1958 | 2.38% | 4.00% | -1.62 pp | -162 bps |
| 1957 | 3.00% | 4.00% | -1.00 pp | -100 bps |
| 1956 | 3.00% | 3.50% | -0.50 pp | -50 bps |
| 1955 | 2.50% | 3.50% | -1.00 pp | -100 bps |
| 1954 | 1.44% | 3.50% | -2.06 pp | -206 bps |